Regulations that reduced competition between banks included
A) branching restrictions.
B) bank reserve requirements.
C) the dual system of granting bank charters.
D) interest-rate ceilings.
A
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Recent research by Keynesians and classicals has led to
A) a reconciliation of the types of models they use. B) the recognition by classical economists that prices adjust very slowly. C) convincing evidence that TFP shocks are the dominant force affecting the business cycle. D) the refutation of the efficiency wage model.
Tom and Jerry have two tasks to do all day: make dishes and build fences. If Tom spends all day making dishes, he will have make 16 dishes. If he instead devotes his day to building fences, Tom will build 4 fences. If Jerry spends his day making dishes, he will make 14 dishes; if he spends the day building fences, he will build 7 fences. The opportunity cost of one fence is _______ for Tom and ________ for Jerry. Therefore Tom should specialize in ______________.
A. 4 dishes; 2 dishes; dishes B. 16 dishes; 14 dishes; dishes C. 4 dishes; 2 dishes; fences D. 16 dishes; 14 dishes; fences
The fractional reserve system of banking evolved because
a. goldsmiths did not have safes large enough to hold all their gold deposits. b. there was always a dire need for additional money. c. goldsmiths knew that on any given day, only a few depositors would come to claim their deposits. d. goldsmiths knew that they would not be prosecuted for lending out money they did not have.
What word describes the money that customers pay for the output of a business?
A. Output B. Cost C. Input D. Revenue